Gold price falls below Rs 27,000 per ten grams level

Gold shed Rs 90 or 0.33 percent to Rs 26,868 per 10 grams in futures trade Wednesday.

Zee Media Bureau

New Delhi: Gold prices fell below Rs 27,000 per ten grams level in futures trade Wednesday as participants engaged in reducing positions in tandem with a weak trend overseas where precious metal dropped to over 15-week low.

At the Multi Commodity Exchange (MCX), gold for delivery in June eased by Rs 90, or 0.33 percent, to Rs 26,868 per 10 grams in a business turnover of 778 lots.

Likewise, the metal for delivery in August shed Rs 104, or 0.40 percent, to Rs 26,255 per 10 grams in 134 lots.

Market analysts said a weakening trend in the overseas markets where gold fell to over 15-week low as encouraging US economic data backed the case for the Federal Reserve to keep on reducing monetary stimulus, while demand in China showed signs of waning, weighed on the precious metal at futures trade here.

Besides, strengthening dollar also reduced the appeal of the bullion, they said.

Globally, gold fell 0.30 percent to USD 1,260.97 an ounce in Singapore today, the lowest price since February 7.

With agency inputs